The government has already budgeted Rs 90,000 crore as the dividend for FY20 and Rs 28,000 crore interim dividend has already been paid by RBI to government in March 2019. So much of it is already paid or budgeted to be paid as a sum of Rs 1.18 lakh crore ( Rs 90,000 crore + Rs 28,000 crore) and if this is taken out of the Rs 1.76 lakh crore, then the actual gain to government is Rs 58,000 crore, experts said.

“The net liquidity injection from the RBI as a result of this exercise will amount to Rs 1,48,051 crore (Rs 1,76,051 crores minus Rs 28,000 crore already paid). This is against an expectation of normal budgeted dividend of Rs 90,000 crore. This is now updated for approximately Rs 58,000 crore of excess transfer,” according to IDFC, fixed income head Suyash Choudhury.